A quick rundown of the important real estate news from the week of June 18 – June 24, by the numbers:
3.8% – Decline in existing home sales in May from the previous month. The seasonally adjusted annual rate of 4.81 million existing home sales in May is down from the 5 million annual rate in April. Furthermore, sales were down over 15% from May 2010.
2.1% – Decline in new home sales in May from the previous month. The annual rate of 319,000 new homes sales in May is down from the 326,000 annual rate in April. However, new home sales were still up 13.5% from the previous year.
1.7 Million – Inventory of “shadow market” homes – properties not yet listed, but on the foreclosure pipeline – as of April. The inventory is down from last year, when it was 1.9 million. “The shadow inventory nationally peaked in January 2010 at 2 million units, 8.5 months’ supply, and stands 18 percent lower today than it was in April 2011.”
$36 Million – Price for a winery in Napa Valley, CA. The 3 bedroom, 2 bath, 7,500 square foot home includes 58 acres, with 43 acres planted with vines.
4.5% – Average rate on a thirty year fixed mortgage the past week according to Freddie Mac. The rate was unchanged from the previous week.
30-40% – Percentage of perspective home buyers who don’t qualify for a home loan, according to Ken Rosen, chair of UC Berkeley’s Fisher Center for Real Estate and Urban Economics.
62 Years – The amount of time, at the current pace, it would take New York state to repossess the 213,000 homes in severe default or foreclosure.
$152 Million – Price tag for a 49% stake in six boutique hotels in Manhattan. Pebblebrook Hotel Trust acquired the interest in the Benjamin hotel and five Affina properties in Midtown Manhattan by assuming $294 million in debt.
70% – Increase in real estate prices in Hong Kong since 2009. “The 24.2 percent rise for the 12 months through the end of March alone put Hong Kong at the top of a comparison of 50 countries, according to a report released this week by the Knight Frank agency.”
$77,385 – Average price from a home in Lithonia, GA.
$2.537 Million – Average price from a home in Newport Beach, CA.